Tesla Asks Shareholders To Reapprove Huge Musk Pay Deal

Tesla will ask its shareholders in June to ratify a multi-billion-dollar 2018 pay package for CEO Elon Musk that was squashed by a US court earlier this year

New York, (APP - UrduPoint / Pakistan Point News - 17th Apr, 2024) Tesla will ask its shareholders in June to ratify a multi-billion-dollar 2018 pay package for CEO Elon Musk that was squashed by a US court earlier this year.

In an SEC filing Wednesday, the board of directors for the US automaker said it "stands behind this pay package.

We believed in it in 2018, as we asked Elon to pursue remarkable goals to grow the company. You, as stockholders, also believed in it in 2018 when you overwhelmingly approved it."

In January, a judge in Delaware Chancery Court voided Musk's compensation package, worth as much as $55.8 billion, ruling that the process leading to the astronomically valuable package was "deeply flawed" given Musk's deep ties to key board members who negotiated the package on behalf of Tesla.